RedBall Acquisition Corp. (RBAC) Terminates SeatGeek Deal
by Marlena Haddad on 2022-06-01 at 9:25am

RedBall Acquisition Corp. (NYSE:RBAC) announced this morning that it has mutually terminated its combination agreement with ticket marketplace SeatGeek.

Similar to a handful of other SPACs we’ve seen, RedBall cited unfavorable market conditions as the key reason behind the termination. But, the press release further specified that growth technology companies in particular have been facing difficulties in the public markets.

SeatGeek will continue to remain a private company, and RedBall will convene and adjourn the special meeting of its shareholders scheduled to be held today, June 1, 2022.  Today’s press release did not disclose RedBall’s plan to seek out an alternative business combination, but it has a transaction deadline quickly approaching on August 17, 2022.

The current market pain is still impacting SPACs and IPOs alike, making RedBall’s deal the 22nd to terminate this year and the second this morning following Magnum Opus Acquisition Limited’s (NYSE:OPA) termination of Forbes. The SPAC originally priced a $500 million IPO in August 2020. The RedBall team is headlined by Billy Beane – the former Oakland A’s general manager and executive who pioneered “Moneyball” techniques of leveraging performance analytics to generate the best ROI on player acquisitions.

RedBall initially announced its $1.35 billion combination with SeatGeek in October 2021. New York City-based SeatGeek provides an event ticket marketplace to enterprise clients, individual sellers and consumers that includes in-stadium purchase options and integrations with ride-hailing services.


Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved